Bookkeepers and Business Owners! – Training you – Solving Problems – Or We do your books for you!

Bookkeeping – Train, Troubleshoot or we do the books for you! MYOB Reckon Xero & Set Up

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Businesses – New Tax Tables start from July – Include Flood and Cyclone Levy

The Federal Government has introduced a temporary flood and cyclone reconstruction levy (the Flood levy for the 2011-12 tax year only). Individual payees, who have a taxable income over $50,000, will have to pay the flood levy.
The flood levy is included in the new Withholding tax tables that will be published on the ATO website from late June.
Some payees may be exempt from paying the flood levy. If a payee is entitled to claim the exemption they will need to complete the Flood levy exemption declaration (NAT 73797). Tax tables for payees who are exempt from paying the Flood levy will also be available from late June.
To obtain paper copies of tax tables or the Flood levy exemption declaration (NAT 73797), you can obtain them from 1 July:

  • from most newsagents
  • from ATO shopfronts
  • by phoning the self-help publication hotline on 1300 720 092.

For more information go to
For the PAYG withholding tax tables, go to

Debate on the Flood Levy –

David Donovan commented – “since the impact on the economy and taxpayers will be so negligible, there is also no pressing economic reason for the Opposition to oppose it.” More

Bernard Keane said the “argument for a flood recovery was that it was critical to ensuring the recovery effort doesn’t drive inflation and skill shortages as rebuilding infrastructure competes with a booming economy. There are plenty of economists, and good ones too, who aren’t quite as convinced as the Government that the flood recovery effort will be battling a surging economy.” See

Management Line in the Sydney Morning Herald has a great summary of comments and viewpoints – “The levy has been slammed by the Opposition, with Treasury spokesman Joe Hockey saying the government should cut spending instead of imposing a levy. “[The] Gillard government [is] looking to impose a tax on carbon, it is imposing a tax on mining, if you are going to have another tax on floods then it is too much,” Hockey said.
Read more:

What are your thoughts?



Quickbooks – How to go about setting Chattel Mortgage up and accounting for the monthly payments in Quickbooks.

In Quickbooks you can set up and enter transactions for the purchase of a new car financed by Chattel Mortgage and handle all the things like trade in, stamp duty etc.
Here are the transaction details sent by a client:
New Car Ex GST $30767
GST $3076
Rego $639.00
3rd Party Ins $449.77
Stamp Duty $1017
Therefore Car Total INC GST $36000
I made an initial $500 deposit to Car Dealer
I received 3500 Trade-in
I paid an additional Limp sum of $7000 to the car dealer
I then financed $25000 via chattel mortgage
with the repayments of $520pm for 60months.

Chattel Mortgages and the like are always a little complicated. As its a chattel mortgage you should be able to claim GST upfront even if you are on cash reporting. I’ve done an example below –

1. Bring to account asset and liability:
DR MV – Asset $30,767 GST code $3,076
DR MV – Asset $1,017 GST Free
CR Chattel Mortgage Liability $34,860

2. Bring to account expense associated with purchase;
DR – Rego Expense $639 (GST Free)
DR – Insurance $449.77 (I would have thought this had GST on it)
CR – Chattel Mortgage Liability $1,088.77
Your explanation doesn’t quite make up the $36,000 that you are referring to but only 35,948.77

3. Apply initial deposit of $500
DR – Chattel Mortgage Liability $500 (No GST should be NRT code)
CR – Cash at Bank $500

4. Apply Trade In
I’ve assumed your old car was also in Quickbooks and therefore the trade in would actually be proceeds on sale of the old vehicle.
– DR Chattel Mortgage Liability $3,500
– CR Sale of Assets $3,500 (check this may have GST included)

5. Additional Lump Sum
– DR Chattel Mortgage $7,000 (no GST)
– CR Cash at Bank $7,000 (no GST)
This leaves you with a liability of $24,948.77.

6. Monthly Repayments
The difference between your total monthly repayments and the liability is the interest you are charged. I would suggest you talk to your accountant to work out a schedule on how you should apply the interest. If your handy with excel you might be able to do it yourself.
– DR Chattel Mortgage (Principle Repaid)
– DR Interest Paid
– CR Cash at Bank

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MYOB – report for total hours on jobs from employee timesheets

Want to report the total hours (not cost) assigned per job for the fortnight period without having to go through each employee timesheets & add it all up manually? And you have tried the TimeBilling > Jobs > Slip Summary & Slip Detail with no results returned because you don’t use “Activity” either so none of those report options work!

Go to index of reports / payroll tab / timesheets and pick the week of the timesheet. You can adjust what prints in the report using the finishing tab. Send to excel for further manipulation.

To get total hours per job over say 2 weeks, then go > index of reports / payroll tab / unprocessed timesheets option, > select a date range.  Just remember to export the unprocessed timesheets before processing pay.


Quickbooks – I overpaid a supplier, how enter?

A client paid a deposit to a supplier and then paid on their full invoice, not realising the deposit had not come off. They have since been refunded the deposit.

To solve it – Do a ‘Bill Credit’ to reverse the deposit paid. This will put the Supplier account into negative. Then do a bank deposit to record the money going back into the bank account, using the Supplier Name in ‘Received From’ and Accounts Payable in ‘From Account’. This will zero out the supplier balance. It is very important that you then go into ‘Pay Bills’ and apply the bill credit against the deposit or else this balance will show as a $0.00 balance on your Accounts Payable Reports.

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MYOB – Create a return slip in your Invoice

Want to add a customer payment return slip at the bottom of the invoice in MYOB, that shows the invoice # and customer name?

  1. GO to Sales Command Centre
  2. >(Click) Print/Email Invoices
  3. Ensure Sale Type at top is correct
  4. Check Selected Form for Sale at the bottom is correct
  5. >Customise at the bottom
  6. click a field, then right-click on fields such as [Contact Name] and/or [Invoice#], copy it Ctrl+C then click elsewhere in the form, then paste Ctrl+V.
  7. Re-size and move where you want it down the bottom etc
  8. You can add a cut-off line across the bottom too
  9. If positioning is hard, you can snap to grid: >Icon at the top, second from the right >Options Tb >click Show Grid and Snap to Grid. This can sometimes make it easier, or turn off when not required!